(a) The investment plan shall be subject to commission approval and, as approved, shall determine priorities and opportunities for funding under the program for the ultimate purpose of developing and deploying innovative technologies that will transform the state's fuels and vehicles to help attain the state's climate change policies and achieve the other goals specified in Health and Safety Code Section 44272 et seq.

(b) The assigned policy committee shall be responsible for the preparation and publication of a draft investment plan or update, taking into consideration recommendations and input from public meetings with the advisory committee.

(c) The draft investment plan or update shall be available for public review and comment no less than 30 days prior to the meeting at which the commission considers approving the proposed investment plan or update. During the period of public review, the assigned policy committee shall hold at least one public workshop on the draft investment plan or update. The assigned policy committee may revise the draft investment plan based on comments received during the public review period. At least 14 days prior to the business meeting at which the investment plan will be considered for approval, the assigned policy committee shall publish a proposed investment plan.

(d) As part of the investment plan, the commission shall identify where existing public and private funding dollars are being invested; determine where public funding can be strategically used to encourage and support identified funding priorities of the investment plan including, but not limited to, consideration of potential for commercial viability, competiveness and production expansion of alternative fuels, assess the need for public funding based on where existing public and private funding dollars are already being invested, and analyze opportunities to leverage additional public or private funding.

(e) All funding decisions made by the commission shall be consistent with the investment plan, which shall be updated as needed annually. The investment plan shall serve to give public notice as to the types of projects that would be eligible to receive funding under the program and to specify the categories of funding allocations.

(f) If the commission determines that adjustments are needed in the allocations made to funding categories, the commission shall submit a report to the advisory committee documenting the conditions that lead to the adjustments.